foresees a slight rebound in 2020 but warns of threats ranging from heightened political tensions in the Middle East to the threat that the United States and China will fail to prevent their trade war from escalating.
Next year, the fund foresees a rebound for the world economy to 3.4 per cent growth but a further slowdown in the United States to 2.1 per cent, far below the 3.0 per cent growth the Trump administration projects."With a synchronized slowdown and uncertain recovery, there is no room for policy mistakes, and an urgent need for policymakers to co-operatively de-escalate trade and geopolitical tensions," Gita Gopinath, the IMF's chief economist, said in the report.
This year's slowdown, the IMF said, was caused largely by trade disputes, which resulted in higher tariffs being imposed on many goods. Growth in trade in the first half of this year slowed to 1%, the weakest annual pace since 2012. The Bank of Canada's next interest rate announcement and monetary policy report is scheduled for Oct. 30, following the federal election on Oct. 21.
The old saying “it’s the economy stupid” doesn’t resonate with the present voters.
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